<ul><li>The Internet of Things (IoT) refers to a network of physical objects that connect and exchange data with other devices and systems.</li><li>Key IoT Statistics for 2022 include over 10 billion active devices, an estimated $4-11 trillion in economic value by 2025, and a projected consumer market size of $142 billion by 2026.</li><li>IoT devices work through sensors, integrated CPUs, firmware, and network connectivity. Advantages include minimized human effort, time savings, enhanced data collection, and improved security. Disadvantages include security risks, privacy concerns, job displacement, system complexity, and lack of standards.</li><li>The IoT is a transformative technology that offers remarkable advantages and notable challenges. Understanding its implications is crucial for harnessing its potential while mitigating risks.</li></ul>

Understanding the Internet of Things (IoT)

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